Trump Blames Biden for Gas Price Surge, Says Relief Coming “Like Rocket Ships in Reverse”

WASHINGTON — With gasoline prices surging to their highest levels in years, President Donald Trump is pushing back on the narrative that his administration bears responsibility.

In a post on Truth Social, Trump acknowledged that “price increases throughout America” are real but attributed them entirely to his predecessor. “Even Oil was higher under Biden than it is right now,” Trump wrote, adding that his administration had “prevented Iran from having a Nuclear Weapon.”

The president also offered a prediction: “Oil will drop like a rock as soon as the Military Conflict with Iran is over, and that will not be long.”

The Data Tells a Different Story

Trump’s claim that “oil was higher under Biden than it is right now” is contradicted by current gasoline price data.

As of early September 2026, the U.S. retail gasoline price averaged $4.295 per gallon** — up **30.03% from one year ago**, when prices stood at **$3.303. AAA reported that the national average for regular gasoline had climbed to $4.27 by September 10, with prices rising even during a season when they typically decline due to lower demand.

By mid-September, the national average had reached **$4.43** and was “inching closer to this year’s record high of $4.56 set on May 21”.

One year ago — under the Biden administration — gasoline averaged $3.20** per gallon. That means prices have risen by more than **$1.20 per gallon since Trump took office, an increase of roughly 38%.

The Iran Conflict’s Economic Toll

Trump’s post frames the Iran conflict as the primary driver of oil prices, and there is truth to that assertion — but not in the way the president suggests.

According to market analysts, volatility in the Strait of Hormuz has pushed crude oil back above $100 per barrel for the first time since July. The conflict with Iran has disrupted global energy markets, with Iranian President Masoud Pezeshkian stating at the United Nations General Assembly that his country would not allow free passage through the Strait while under sanctions.

However, Trump’s framing that prices will drop “like rocket ships in reverse” once the conflict ends may be overly optimistic. Fuel oil prices are up 52% year-over-year, and gasoline prices have risen 27.4% on an annual basis, according to the Bureau of Labor Statistics. These increases have already rippled through the broader economy.

Inflation Is Broader Than Just Oil

Trump’s post suggests that “with the temporary exception of Oil, prices are coming down sharply.” But data from the Bureau of Labor Statistics shows that inflation is not limited to energy.

The Consumer Price Index rose 3.4% year-over-year in August 2026, with a monthly increase of 0.4% — the largest in three months. While energy commodities drove much of the monthly increase, services inflation has also remained elevated.

Minneapolis Federal Reserve President Neel Kashkari warned this week that inflation is “too high across all sectors of the economy,” not just energy. “The inflation Americans feel every day goes beyond just oil prices — it shows up across the economy, including in services,” Kashkari said.

Fed Chair Kevin Warsh estimated that the Fed’s preferred inflation gauge was running at about 3.6% in August — well above the central bank’s 2% target.

The Political Calculus

Trump’s Truth Social post comes as Republicans grow increasingly anxious about the economic fallout from the Iran conflict ahead of the November midterms.

At a rally in North Carolina last week, Trump acknowledged that gas prices were higher but framed them as a necessary cost. “It’s a very inexpensive price to pay for what we’ve done,” he said. “But that’s going to come tumbling down. That’s going to be like rocket ships in reverse”.

The president has consistently prioritized stopping Iran’s nuclear program over economic concerns. “I don’t think about Americans’ financial situation,” Trump told reporters in May. “I think about one thing: We cannot let Iran have a nuclear weapon”.

What’s Next?

Trump’s prediction that a deal with Iran is imminent remains uncertain. The president has publicly speculated about “blowing the entire nation up,” “letting them rot economically,” or “making a deal”. Reports suggest he has privately acknowledged that his original demands may be unachievable and is now focused on reopening the Strait of Hormuz.

For American drivers, the relief Trump promises may depend on events thousands of miles away — and on whether his prediction of a quick end to the conflict proves accurate.

The bottom line: Gas prices are up more than 30% since Trump took office. Whether that’s Biden’s fault or the result of a war the president chose to wage is a question voters will likely answer at the ballot box in November.